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If Steve’s original salary is increased by 5 percent and then, 3 months later, his salary is increased again by 20 perce

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If Steve’s original salary is increased by 5 percent and then, 3 months later, his salary is increased again by 20 perce

by Gmat_mission » Thu Sep 10, 2020 12:19 am

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If Steve’s original salary is increased by 5 percent and then, 3 months later, his salary is increased again by 20 percent, then Steve’s raises are what percent of his original salary?

A. 25%
B. 26%
C. 27%
D. 30%
E. 32%

Answer: B

Source: Princeton Review
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Re: If Steve’s original salary is increased by 5 percent and then, 3 months later, his salary is increased again by 20 p

by ravinikhil » Thu Sep 10, 2020 6:36 am
Remember this formula for successive percentage calculation.
for eg
first, the percentage increase is x% and then further increase is y%,
then the overall increase will be calculated as :
x + y + x*y/100.
here x is 5, y is 20.
ans: 5 + 20 + (5*20)/100
hence 5 + 20 + 1
ans is 26.
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